金控公司治理與經營績效之研究－以國泰、兆豐與永豐金控為例

Corporate Governance and Operating Performance - Evidence of Cathay, Mega, SinoPac Financial Holdings Companies

郭志文(Chih-Wen Kuo)

指導教授 ： 李顯峰

國立臺灣大學/社會科學院/經濟學研究所/碩士(2012年)

https://doi.org/10.6342/NTU.2012.02329

摘要

我國自2001年通過金融控股公司法後，至2011年底陸續已成立了16家金融控股公司，由於金融控股公司資產規模龐大、採多角化方式經營，轄下銀行或保險體系的資金主要來自於社會大眾，一旦發生金融危機，所引起的連鎖效應將嚴重影響國內金融秩序及經濟發展。再者，我國金控強調跨業整合經營，希望能創造互補長短的綜效，卻也增加利害衝突的風險。
本研究以股權結構、董事會組成等九個治理變數來探討與三家(國泰、兆豐、永豐)金融控股公司經營績效之關聯，利用EViews6軟體，以OLS迴歸模型進行迴歸分析。實證結果如下：
1、股權結構：(1)董監事持股比例、大股東持股比例與經營績效呈正向關係且達顯著水準。(2)機構法人持股比例與經營績效間關係呈負向關係且達統計顯著水準。
2、董事會組成：(1)董事會規模與經營績效間關係呈負向關係，在以EPS及ROE做為衡量經營績效指標時呈現顯著水準。(2)設置獨立董事與經營績效間關係呈負向關係，但統計上均不顯著。

關鍵字

公司治理金融控股公司 ； 董事會規模 ； 經營績效 ； 獨立董事

並列摘要

From 2001 to 2011 sixteen financial holding companies have been established with the 2001 Financial Holding Company Act in Taiwan. They operate with big size of financial assets and funding from the banking or insurance system. Once the financial crisis breaks out, the chain reaction effect would seriously hit domestic economy. Furthermore, the financial holding company conducts the cross-industrial integration to create the synergy effect, however, it will also increase the risk of interest-conflict among sectors.
This study would explore the relationship between corporate governance and business performance with nine governance variables including the ownership structure and the composition of directors board. The sample comes from three big financial holding companies, i.e. Cathay, Mega and SinoPac Co. from 2001 to 2011. The EViews6 software is used to run the OLS regression model.
The major empirical findings are as follows:
1. The structure of ownership: (1)the directors’ shareholding ratio, the largest shareholding ratio and operating performance etc. show a significantly positive relationship with business performance, (2)the relationship between the share ratio of institutional investors and operating performance significantly shows a negative relationship.
2. The composition of directors’ board: (1)the relationship between the size of directors’ board and the EPS and ROE significantly show a negative relationship, (2)there is a insignificantly negative relationship between independent directors and operating performance.

並列關鍵字

corporate governance ； financial holding company ； board size ； operating performance ； independent director

參考文獻

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